The Australian share market has staged a dramatic recovery from its morning losses of as much as 8.1 per cent to finish 4.4 per cent higher.

After sinking below 5,000 for the first time since 2016, the benchmark S&P/ASX200 gained 600 points in the final three hours of trade to finish today 234.7 points higher at 5,539.3, while the broader All Ordinaries index closed up 219.8, or 4.09 per cent, to 5,590.7

The Australian dollar was buying 63.12 US cents, down from 65.05 at the market close yesterday.

Source: 9News